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East Grand Forks board authorizes bond sale after Ehlers reports roughly $299,000 in interest savings
Summary
The school board authorized a bond sale after Ehlers reported a successful auction with 13 bidders, Jefferies submitting the winning bid, and more than $299,000 in estimated interest savings that will reduce levies by about $40,000 a year for seven years.
The East Grand Forks Public School District board voted Jan. 29 to authorize the sale of bonds after a sale-day report showing strong market interest and significant projected savings.
Aaron, an Ehlers representative who presented the sale-day report, said the district drew 13 bidders and received the lowest bid from Jefferies of New York. "We actually, we're just short of $300,000 over $299,000 in, interest savings," he told the board, and said the savings will begin with next year’s levy cycle. Aaron added that the underlying rating for the bonds was "an A…
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